A mortgage term is the period during which your contract is in effect at a specific rate and payment.

A term normally ranges from a few months to 10 years. At the end of your term, you must renew your mortgage for the next one until the mortgage is paid off.

Your renewal is an opportunity to renegotiate your rate, your loan terms, or even to pay off the full loan.

What is the difference between a term and amortization?

• The term is different from amortization, which is the total period you hold a mortgage on your property (e.g. 25 years). 
  
• You'll have several terms over the course of your amortization, until the mortgage is paid off.
  
  

Need advice?

• Discuss your purchasing project with one of our mortgage advisors.
   

Want to learn more?

• Read through the terminology you need to know about mortgages.
  
• Check out our 7-step guide to buying your first home.